New Found Gold Presents Fully Funded Queensway Phase 1 Development Plan

• New Found Gold outlined a fully funded Queensway Phase 1 development plan with initial capital expenditure of CAD 150 million.
• First ore processing at Pine Cove is planned for the fourth quarter of 2027, initially at 700 metric tons daily.
• Queensway's revised preliminary economic assessment projects total gold production of 1,700,000 ounces over a 15-year mine life.
• Average annual all-in sustaining costs are projected at USD 1,375 per ounce.
• Measured and indicated gold resources increased 38% to 1,920,000 ounces.

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